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How Small Retailers Can Get Ready for the Economic Surge

The economic climate has been dismal since late 2007. As a small retailer, you've likely felt the squeeze. Customers have tightened their wallets; many have stayed home rather than coming in to explore your store's aisles. It's understandable. Many people are worried about keeping their jobs. Some have taken cuts in pay while others have given up their annual bonuses. Ultimately, there's less money to spend at your shop.

Fortunately, recessions are always followed by recoveries, and for specialty retailers, a recovery cannot come soon enough. The question is whether you'll be prepared to take full advantage of it when it finally arrives.

In this article, we'll create a small game plan to help you maximize the opportunity sure to accompany the coming economic surge. I'll explain why you should look at your website, inventory, store, and staff with a new perspective.

Streamline Your Shop's Website

There is a science to creating a retail website that motivates people to buy. Part of the challenge is to integrate your inventory with your POS system to keep your site updated in real time. That way, when customers visit, they'll be able to see immediately whether you have a particular item in stock.

You'll also need to review your site's navigation scheme, copy, and structure. Navigating through your website should be simple and intuitive. Your copy should not only provide product information, but also subtly describe the benefits of each item you sell. Meanwhile, the structure of your site should work with your copy to make your pages more attractive to the search engines.

Tighten Your Inventory

Inventories have a way of expanding when the economy is robust. As sales increase and remain strong, a lot of specialty retailers are tempted to add to their assortments. They move into new categories in order to capture more profit, even if those categories are unrelated to their normal line of products.

You should always be alert for assortments that offer high margins and have a good chance of selling quickly. That said, because your shop's inventory represents a significant portion of your capital, you should tighten it as much as possible. This is never more true than during a recession. Profits are scarce and you need to maintain financial flexibility in order to take advantage of opportunities during the coming recovery.

Give Your Store's Appearance A Facelift

When was the last time you washed the floors and walls of your retail store? If you have carpet on the floor, has it developed stains? Are the lights looking lackluster, and do the fixtures look past their prime? Because you spend most days in your store, it's easy to grow accustomed to the dingy, muted appearance. Now is the time to give your shop a facelift and breathe new life into it. When customers begin to materialize, your retail store will seem fresh and engaging.

Train Your Staff To Solve Problems

The experience your customers have while in your shop will play a major role in your ongoing sales. When a person walks through your doors, they are in your store to find a solution to a problem. Train your staff to be more than employees; train them to be problem solvers. Encourage them to learn as much as possible about the products you're selling. When customers arrive with problems, your staff will be able to recommend the most appropriate solutions.

To be sure, the current economy has buffeted specialty retailers more harshly than any time in recent memory. The recovery is approaching. With it comes new opportunities to meet your customers' needs and catapult your retail shop's sales. Use the suggestions above to make sure you and your staff are prepared for the surge.

About the Author

G.A. Wright specializes in high-impact
retail liquidation
sales that produce big sales volume and attract big audiences. Check out our website for more information: http://www.gawrightsales.com

I Have Quick Books 2005, Is There A Free Alternative?

I'm tired of giving Intuit my hard earned money from my business for a little convenience.
I just bought it less than 3 years ago to replace my excel spreadsheets
Sure it was a good time saving program.
And I really liked the web connect to my bank.
But I can't afford another $200 investment into an already struggling small retail business.
Anyone have some good intelligent advice?

Try the Microsoft Office Accounting Express 2008 -- it is supposed to be free for download. I haven't personally tried it but may be worth a shot

https://www.microsoft.com/SMALLBUSINESS/startup-toolkit/partnerhome.aspx?cuid=f42dcb42-acf2-488f-958d-6afe9b8414cd

Another free accounting software you can try is GnuCash http://www.gnucash.org/

H&R Block drops most in 22 years on unemployment news
H&R Block Inc., the biggest U.S. tax preparer, plunged as much as 19 percent after the company said unemployment curtailed tax returns and as TurboTax-owner Intuit Inc. gained market share.

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